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Home My WebLink AboutMinutes_GEDCO_11.20.2006Minutes of the Meeting of the Georgetown Economic Development Corporation City of Georgetown, Texas Monday, November 20, 2006 The Georgetown Economic Development Corporation of the City of Georgetown, Texas, met on Monday , November 20, 2006. Members Present: Ben Oliver Farley Snell, Henry Carr, Rick Smith, Ron Shelly Members Absent: Staff Present: Paul F Brandenburg, General Manager, Mick]. Rundell, Finance Manager, Mark Thomas, Director of Economic Development, Jun Briggs, Assistant City Manager for Utility Operations, George Gomez, Economic Development Program Specialist Regular Meeting REGULAR SESSION: Meeting was called to order at 2:OOpm Recessed into Executive Session at 2:01pnt Board may, at any time, recess the Regular Session to convene in Executive Session at the request of the Chair, a Board Member, the City Manager, Assistant City Manager, City Council Member, or legal counsel for any purpose authorized by the Open Meetings Act, Texas Government Code Chapter 551, and are subject to action in the Regular Session that follows. EXECUTIVE SESSION: 1'he Georgetown Economic Development Corporation will meet in closed executive session as allowed by Texas Open Meetings Act (Texas Government Code Chapter 551), as follows: A. Section 551.072. DELIBERATION REGARDING REAL PROPERTY Discussion and possible action to deliberate the purchase, exchange, lease or value of real property for purposes authorized by Section 4A of Economic Development Act of 1979 (as amended) which discussion in open session would have a detrimental effect on negotiations with third persons. B. Section 551.087. DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS. Deliberation regarding commercial or financial information that the corporation has received from a business prospect that the Georgetown Economic Development Corporation seeks to have locate, stay, or expand in or near the territory of the City of Georgetown and with which the Corporation is conducting economic development negotiations; and/or deliberation regarding the offer of a financial or other incentive to a business prospect that the Corporation seeks to have locate, stay, or expand in or near the territory of the City of Georgetown. C. Section 551.071. CONSULTATION WITH ATTORNEY Consultation with attorney regarding legal issues related to agenda items and other matters in which the duty of the attorney to the Georgetown Economic Development Corporation under the Texas Disciplinary Rules of Professional Conduct of the State Bar of Texas. Reconvened into Regular Session at 2:30pm. Action out of Executive Session Motion by Oliver, second by Smith to authorize staff to negotiate a Performance Agreement with the Loading Dock as outlined in Executive Session. Approved 5-1 REGULAR SESSION: I'he Board will reconvene in regular open session to take any action necessary related to any of the above -posted executive session items. D. Consideration and approval of the minutes from the Regular Board Meeting held Monday, October 16, 2006--Farley Snell, Secretary Motion by Carr second Smith to approve the minutes from the Regular Board Meeting held Monday, October 16, 2006, as corrected by Shelly. Approved 5-0. E. Consideration of the October 31, 2006 Financial Report---Micki Runde11, Finance Manager Rundell gave the Board an overview of the Financial Report, including monthly sales tax revenues, monthly expenditures, budgetary report, and other relevant financial information. She also told the Board that she included a "cash flow" forecast for their review, including timing of authorized committnnents to date, as well as the remaining debt capacity, assuming the Board issues funding for the Citicorp project. F. Consideration and possible action to approve a Resolution of the Georgetown Economic Development Corporation (GEDCO) amending Resolution No. 071706-D-1 and Performance Agreement regarding Citicorp North America, Inc., the Project formerly referred to as 'Project Lee" --Paul Brandenburg, General Manager and Mark Thomas, Director of Economic Development Carls gave the Board an overview of the Performance Agreement with Citicorp. She told them the Performance Agreement includes the approved amount of $1.3 Million for the targeted infrastructure improvements. She went over the statutory requirements and the definitions in the Agreement. She also went over the map of the proposed improvements. There was further discussion regarding contruction of the facility, the minimum capital investment, construction of the wastewater line, as well as the extension of the wastewater line project. Carls went on to inform the Board that Citicorp wants to start on this project early next year and that GEDCO is committing to do the Design, Bid Specifications, Construction Plans, and to obtain the easements. Tom Benz told the Board that the reason the proposed line is designed the way it is, is so that we will only have to deal with one land owner and that will hopefully expedite this project. GEDCO Minutes/November 20, 2006 Page 2 of 4 There was additional discussion regarding job creation, performance issues outlined in the Agreement by Citicorp, the reasons for the proposed timing with regard to the tax abatements, the need to have Citicorp being reimbursed only when they have been issued a Certificate of Obligation for the building, as well as the construction of the infrastructure and the responsibilities of each party. There was a clarification that GEDCO would be paying Citicorp who in turn will pay Bourn Partners for the construction of the infrastructure. Motion by Snell second by Oliver to approve a Resolution of the Georgetown Economic Development Corporation (GEDCO) amending Resolution No. 071706-D-1 and Performance Agreement regarding Citicorp North America, Inc., the Project formerly referred to as "Project Lee". There was additional discussion regarding the criteria for determining the size of the infrastructure. Approved 5-0. Additional discussion and clarification regarding the cash flow analysis regarding this project. G. Consideration and possible action to approve a Sales Tax Remittance Agreement between the City of Georgetown and the Georgetown Economic Development Corporation (GEDCO)---Micki Runde11, Finance Manager Rundell explained the purpose of the Interlocal Agreement. Motion by Oliver second by Carr to approve a Sales Tax Remittance Agreement between the City of Georgetown and the Georgetown Economic Development Corporation (GEDCO). Approved 5-0 H. Consideration and possible action to approve a Targeted Infrastructure Agreement between the City of Georgetown and the Georgetown Economic Development Corporation (GEDCO) ---Micki Rundell, Finance Manager Rundell explained the purpose of the Interlocal Agreement. Motion by Carr second by Snell to approve a Targeted Infrastructure Agreement between the City of Georgetown and the Georgetown Economic Development Corporation (GEDCO). Approved 5-0 Consideration and possible recommendation to approve a contract ainendment between the City of Georgetown and Camp, Dresser, and McKee, Inc for professional services related to the design of the Smith Branch West Fork Interceptor for $155,050.00.--Paul Brandenburg, General Manager and Mark Thomas, Director of Economic Development GEDCO Minutes/November 20, 2006 Page 3 of 4 Tom Benz explained the purpose of the contract. There was clarification that the City can hire an engineering firm based on qualifications for engineering and design of infrastructure projects as opposed to having to go through a formal bid process. Motion by Carr, second by Smith to approve a approve a contract amendment between the City of Georgetown and Camp, Dresser, and McKee, Inc for professional services related to the design of the Smith Branch West Fork Interceptor for 5155,050.00. Approved 5-0. Motion to Adjourn. Adourned at 3:20 p.m. Attest: Farley Snell, Secretary Ron Shelly, Presid nt GEDCO Minutes/November 20, 2006 Page 4of4